Developer plans $60M Atlanta apartment complex

Despite the tough economy, developers plan to begin construction on a five-story apartment complex in the heart of Buckhead.

The complex will be located along Pharr Road, near Peachtree Road. Nearly 400 apartment units are slated to be built.

"It means taxes for the city," said Sam Massell, head of the Buckhead Coalition, who supports the new development. "Taxes allow for the services that we get and the amenities that the city provides to those who live here. It affects quality of life."

Matt Hallman, JBL Partners vice president for acquisitions in the Southeast, told CBS Atlanta the apartments will be upscale.

"Is today the perfect, opportune time to deliver luxury apartments?" asked Hallman. "No, but two years from now, absolutely."

The new complex will be located across from Streets of Buckhead, a now-abandoned development that tried to lure high-end retail stores.

While the retail project is on hold, many said new apartments are desperately needed in and around downtown Atlanta.

"I think it would be very successful," said Oleg Konstantinovsky, manager of Promove, a company that helps residents find apartments. "People come in all the time looking for something new, so I think there's definitely an opportunity to fill that demand."

Konstantinovsky said that apartment rentals are skyrocketing as more people become wary of committing to mortgages.

"You're not in a long-term contract," Konstantinovsky said. "They (apartments) are still a very good value."

JLB Partners said it is confident Streets of Buckhead will resume construction in the near future and the area will again become vibrant.

Massell agreed.

"I see a building half-built, not a cup half-empty," said Massell. "I guarantee it. There will be buildings built on that Streets of Buckhead area."

JLB plans to break ground on the new apartment complex in late spring or early summer of 2011. The project will take up to two years to complete.

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